General form of registration statement for all companies including face-amount certificate companies

Equity Awards and Warrants (Tables)

v3.23.2
Equity Awards and Warrants (Tables)
9 Months Ended 12 Months Ended
Feb. 28, 2023
May 31, 2022
Equity Awards and Warrants    
Schedule of warrant liability and equity

​

​

​

​

​

(in thousands)

    

Liability Classified Warrants

Balance at May 31, 2022

​

$

—

Classified as liability due to lack of shares availability at issuance

​

 

14,522

Classified as equity upon increase in availability

​

 

(23,123)

Loss on derivative due to change in fair market value

​

 

8,601

Balance at August 31, 2022

​

$

—

Balance at November 30, 2022

​

$

—

Classified as liability due to variable settlement term

​

 

2,057

Classified as equity upon finalized settlement term

​

 

(2,212)

Loss on derivative due to change in fair market value

​

 

155

Balance at February 28, 2023

​

$

—

 
Schedule of assumptions used in determination of fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Initial Fair Market Value at Issuance

​

Fair Market Value at Equity Classification

​

​

​

Backstop

    

Backstop

    

Placement

    

Backstop

​

Backstop

    

Backstop

    

Placement

    

Backstop

​

​

​

Warrant #1

​

Warrant #2

​

Agent Warrants

​

Warrant #3

​

Warrant #1

​

Warrant #2

​

Agent Warrants

​

Warrant #3

​

Fair value of underlying stock

​

$ 0.44

​

$ 0.42

​

$ 0.44

​

$ 0.35

​

$ 0.52

​

$ 0.52

​

$ 0.52

​

$ 0.32

​

Risk free rate

​

3.17%

​

3.06%

​

3.13%

​

3.68%

​

3.34%

​

3.31%

​

3.16%

​

4.18%

​

Expected term (in years)

​

4.65

​

5.00

​

10.00

​

5.00

​

4.46

​

4.88

​

9.82

​

4.76

​

Stock price volatility

​

110.20%

​

109.49%

​

95.99%

​

124.36%

​

117.29%

​

113.59%

​

95.87%

​

126.67%

​

Expected dividend yield

​

0.00%

​

0.00%

​

0.00%

​

0.00%

​

0.00%

​

0.00%

​

0.00%

​

0.00%

​

​

​

​

​

​

​

​

​

​

​

Years ended May 31,

​

    

2022

    

2021

Expected Volatility

​

94.3% - 122.0

%

​

80.3% - 127.8

%

Weighted-Average Volatility

​

104.89

%

​

84.86

%

Expected Dividends

​

—

%

​

—

%

Expected Term (In years)

​

1.5 - 6.0

​

​

2.5 - 6.0

​

Risk-Free Rate

​

1.67

%

​

0.45

%

Schedule of stock option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted 

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

Weighted

​

remaining

​

Aggregate

​

​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except per share data and years)

    

shares

    

exercise price

    

life in years

    

value

Options outstanding at May 31, 2022

 

17,457

​

$

1.53

 

7.79

​

$

—

Granted

 

12,417

​

$

0.41

 

​

​

 

​

Exercised

 

—

​

$

—

 

​

​

 

​

Forfeited, expired, and cancelled

 

(7,783)

​

$

1.16

 

​

​

 

​

Options outstanding at February 28, 2023

 

22,091

​

$

1.02

 

8.12

​

$

—

Options outstanding and exercisable at February 28, 2023

 

12,698

​

$

1.28

 

7.15

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted 

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

Weighted

​

remaining

​

Aggregate

​

​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except per share data)

    

shares

    

exercise price

    

life in years

    

value

Options and warrants outstanding at May 31, 2021

 

60,774

​

$

0.95

 

4.37

​

$

68,061

Granted

 

50,205

​

$

0.72

 

​

​

 

​

Exercised

 

(5,677)

​

$

0.71

 

​

​

 

​

Forfeited, expired, and cancelled

 

(14,597)

​

$

1.36

 

​

​

 

​

Options and warrants outstanding at May 31, 2022

 

90,705

​

$

0.77

 

4.06

​

$

352

Options and warrants outstanding and exercisable at May 31, 2022

 

82,918

​

$

0.69

 

3.61

​

$

352

​

Schedule of Company RSU and PSU activity

The following table summarizes the Company’s RSU and PSU activity:

  

​

​

​

​

​

​

​

​

​

​

Number of

​

Weighted-average

​

remaining contractual

(shares in thousands)

    

RSUs and PSUs (1)

    

grant date fair value

    

life in years

Unvested RSUs and PSUs at May 31, 2022

 

300

​

$

3.12

​

0.58

RSUs and PSUs granted

 

1,293

​

​

0.58

​

​

Unvested RSUs and PSUSs forfeited

 

(150)

​

​

3.12

​

​

RSUs and PSUs vested

 

(150)

​

​

3.12

​

​

Unvested RSUs and PSUs at February 28, 2023

 

1,293

​

$

0.58

​

1.04

(1)

The number of PSUs disclosed in this table are at the target level of 100%.

 
Schedule of options and warrants exercises  

​

Schedule of Warrant activity

​

​

​

​

​

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​

​

​

​

​

​

​

​

​

​

Weighted 

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

Weighted

​

remaining

​

Aggregate

​

​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except for share data and years)

    

shares

    

exercise price

    

life in years

    

value

Warrants outstanding at May 31, 2022

 

73,248

​

$

0.59

 

3.18

​

$

352

Granted

 

119,022

​

$

0.25

 

​

​

 

​

Exercised

 

(4,965)

​

$

0.75

 

​

​

 

​

Forfeited, expired, and cancelled

 

(7,412)

​

$

0.75

 

​

​

 

​

Warrants outstanding at February 28, 2023

 

179,893

​

$

0.33

 

4.39

​

$

12,245

Warrants outstanding and exercisable at February 28, 2023

 

179,893

​

$

0.33

 

4.39

​

$

12,245